Altseason 2.0: Traders Focus on Utility Over Speculation

The crypto market is showing signs of altseason, but this time around it's different. Traders are more discerning and focusing on coins with a good business case behind them.

Over the past 30 days, memecoin launchpad PONS soared more than 350% in price, while DeFi tokens like Uniswap's UNI gained over 110%, Arbitrum's ARB jumped over 150%, and AI-focused NEAR shot up around 180%.

Privacy token Zcash hit a record high above $1,600 last week, while Bitcoin Layer-2 token LIT and memecoin launchpad token PUMP are also among the biggest gainers. However, unlike previous altseasons, this time around there's a focus on revenue-generating protocols, with tokens like Jupiter's JUP and Ondo's ONDO making significant gains.

According to David Hoffman from Bankless, what these tokens have in common is that they 'make money, they all print revenue', suggesting that this rally could be driven by utility rather than speculation.